The funny thing is that nothing has changed. Just now, instead of two teams, they are picking four teams. The idea that this is a vast departure from the other system is laughable. It's just people as you put it subjectively picking the four best teams, and telling them to win 2 games to "prove" that they are the best team, instead of two teams trying to win one game. Why is that more intrinsically, "settling it on the field" than the other way. Because you still have 116 teams that didn't get that opportunity, oh wait, they did because all they had to do during the regular season is win their games. Winning one postseason game didn't prove anything, but winning two postseason games proves everything!
Most of the people banging the table for a playoff are non-fans. And the excuse I've heard over and over again is that the reason why they aren't fans is because there isn't a playoff and therefore there is no clear-cut champion. And the argument I've used in the past is that it doesn't really matter who the champ is, not in college sports. No one cares or remembers who wins the College World Series, just the fact that you're school made it there is what matters. In basketball, the thing that people remember far longer than who wins the championship is how many overall Tourney appearances you have and/or Final Four appearances. That's the credit coaches get for their programs, not how many championships they win. Football is no different with the bowl appearances and conference titles.
But people think to themselves, i like pro football and the "finality" of the Super Bowl winner, that I can say with confidence that is the best team in the world. And I can't say that about college football, therefore it is inferior. But what those people don't quite grasp is that their complaints of college football essentially boil down to: "It's not like pro football and therefore I don't like it. And it needs to be more like pro football so that I can like it." Thus my point.
But what those people fail to grasp is that it'll never be like pro football because you have something like 250 teams playing Division I football. The only way that happens is you have a further fragmentation of collegiate football into 3 subdivisions, which includes a 3rd "FPS" that plays playoffs that consists of 50-60 power programs. But why anybody would be in favor of that eventuality when that subdivision will be reaping BILLIONS of dollars, and all of the other college institutions will be frozen out of that, and this is supposed to be amateur sports.